Download PDF by George Catephores (auth.): An Introduction to Marxist Economics

By George Catephores (auth.)

This textual content provides an common exposition of the elemental ideas of Marxist economics from the valuable rules of Marx himself during the reassessments made by means of next Marxian economists. The paintings is aimed toward scholars of Marxist reports and comparable courses.

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Sample text

Potters will resume production with new enthusiasm, probably overstepping the limits and creating excess supply. Exchange ratios will then fall again and continue to fluctuate until equilibrium is established at a rate equal to that of labour inputs. ) (b) Concrete and abstract labour The point of this little economic parable is to motivate measurement of the values of commodities by their labour content - the labour expended in their production. This method leads to the following question: it is observed that the act of exchange has the capacity to transform a blacksmith, with regard to the effects of his work, into a potter.

Producers who have worked inefficiently receive no value in exchange for the superfluous part of their work; they simply have to bear the burden of their inefficiency themselves. In the example of the parable of blacksmiths and potters, if some blacksmiths need two days to make an axe, while most of their colleagues need one day, they will not be given one jar in exchange for one axe. They will have to work twice as long in order to produce the jar-equivalent. Four pays of their work will count only as two days of socially necessary labour.

Being unintended consequences, however, they imprint on the economy the feature of uncontrollable objectivity similar, in the eyes of those who experience it, to the objectivity of natural events. The analogy is strengthened by the fact that, parallel to natural reality, a second material reality is created by the producers themselves: the world of commodities. As a result of the anarchy of production this world escapes the control of its own creators, it turns back and through the invisible hand of the market strikes them down and dominates them.

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